Terrorism Risk Insurance Program (TRIP)

Forms and Documents

Forms and supporting documents for this ICR

Document	Type	Status	Availability
Form TRIP 01 Commercial Property and Casualty Insurers Submission for Federal Share of Compensation	Form and Instruction	Unchanged	Repair queued
Form TRIP 03 Litigation Management - Information Collection Regarding Proposed Settlements	Form and Instruction	Unchanged	Repair queued
1505-0200 Supporting Statement 2023 .docx	Supporting Statement A	Uploaded 2023-11-30	Repair queued

IC Document Collections

Information collection document groups

IC ID	Collection	Type	Status	Form
39047	Commercial Property and Casualty Insurers Submission for Federal Share of Compensation	Form and Instruction	Unchanged
243561	Rebuttal of Controlling Influence Submissions		Unchanged
227215	Surcharge Records Maintenance		Modified
227214	Systems Changes to Collect Policyholder Surcharges (First Year Only)		Modified
227213	Recordkeeping Requirements for Insurers Compensated under Terrorism Risk Insurance Program		Unchanged
227212	Commutations Under Final Netting Rule		Unchanged
227211	Monthly Claims Report	Instruction	Modified
227210	Certification Data Call	Instruction	Unchanged
227209	Recoupment and Cap on Annual Liability	Instruction	Unchanged
227208	Recoupment Provisions	Instruction	Modified
227207	Litigation Management - Information Collection Regarding Proposed Settlements	Form and Instruction	Unchanged

ICR Details

OMB Control No: 1505-0200	ICR Reference No: 202311-1505-002
Status: Received in OIRA	Previous ICR Reference No: 202009-1505-001
Agency/Subagency: TREAS/DO	Agency Tracking No:
Title: Terrorism Risk Insurance Program (TRIP)
Type of Information Collection: Extension without change of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular	Date Submitted to OIRA: 11/30/2023

table that charts list comparision

	Requested	Previously Approved
Expiration Date	36 Months From Approved	12/31/2023
Responses	46,431	42,931
Time Burden (Hours)	249,877	223,877
Cost Burden (Dollars)	1,000,000	1,000,000

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Abstract: This information collection is made necessary by the provisions of the Terrorism Risk Insurance Act of 2002 (the Act), the Terrorism Risk Insurance Extension Act of 2005 (the Extension Act), the Terrorism Risk Insurance Program Reauthorization Act of 2007 (the 2007 Reauthorization Act), the Terrorism Risk Insurance Program Reauthorization Act of 2015 (the 2015 Reauthorization Act), and the Department of Treasury regulations (31 CFR Part 50) (the Program Rules) for their implementation. On November 26, 2002, the President signed into law the Terrorism Risk Insurance Act of 2002 (Pub. L. 107-297, 116 Stat. 2322) (TRIA or the Act). The Act’s purposes are to address market disruptions, ensure the continued widespread availability and affordability of commercial property and casualty insurance for terrorism risk, and allow for a transition period for the private markets to stabilize and build capacity while preserving state insurance regulation and consumer protections. TRIA has been reauthorized three times, most recently with the Terrorism Risk Insurance Program Reauthorization Act of 2015 (Pub. L. 114-1, 129 Stat. 3) (2015 Reauthorization Act), which extended the Program through December 31, 2020. Title I of the Act establishes a temporary federal program of shared public and private compensation for insured commercial property and casualty losses resulting from an act of terrorism. Section 103 of the Act authorizes the Secretary of the Treasury to administer and implement the Program, including the issuance of regulations and procedures. Pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Federal Insurance Office assists the Secretary in administering the Program.

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Authorizing Statute(s): PL: Pub.L. 107 - 297 116 Name of Law: Terrorism Risk Insurance Act of 2002
   PL: Pub.L. 116 - 94 133 Name of Law: Terrorism Risk Insurance Program Reauthorization Act of 2019
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	88 FR 56123	08/17/2023
30-day Notice:	Federal Register Citation:	Citation Date:
	88 FR 83422	11/29/2023
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 11

table that charts list of burden

IC Title	Form No.	Form Name
Certification Data Call	TRIP 06	Certification Data Call
Commercial Property and Casualty Insurers Submission for Federal Share of Compensation	TRIP 02, TRIP 01, TRIP 02A, TRIP 02B, TRIP 02C	Notice of Deductible Erosion ,   Certification of Loss ,   Schedule A ,   Schedule B ,   Schedule C Bordereau
Commutations Under Final Netting Rule
Litigation Management - Information Collection Regarding Proposed Settlements	TRIP 03	Notice of Proposed Settlement of 3rd Party Claim Request for Approval
Monthly Claims Report	TRIP 07	Monthly Claims Report
Rebuttal of Controlling Influence Submissions
Recordkeeping Requirements for Insurers Compensated under Terrorism Risk Insurance Program
Recoupment Provisions	TRIP 04A, TRIP 04B	Direct Written Premium and Monthly Surcharge Calculation ,   Direct Written Premium and End of Year Calcuation
Recoupment and Cap on Annual Liability	TRIP 05	Data Call
Surcharge Records Maintenance
Systems Changes to Collect Policyholder Surcharges (First Year Only)

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ICR Summary of Burden

table that charts list of burden

	Total Request	Previously Approved	Change Due to New Statute	Change Due to Agency Discretion	Change Due to Adjustment in Estimate	Change Due to Potential Violation of the PRA
Annual Number of Responses	46,431	42,931	0	0	3,500	0
Annual Time Burden (Hours)	249,877	223,877	0	0	26,000	0
Annual Cost Burden (Dollars)	1,000,000	1,000,000	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: No

Burden Increase Due to:

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: There are no substantive changes to the information collections in terms of the types and nature of information sought. There are updated estimates of the number of respondents for certain collections, resulting in an increase of 3,500 responses and 26,000 hours of burden, as well as an updated hourly rate used to calculate labor costs, to account for the most recent information from the Bureau of Labor Statistics.

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Annual Cost to Federal Government: $0

Does this IC contain surveys, censuses, or employ statistical methods? No

Does this ICR request any personally identifiable information (see OMB Circular No. A-130 for an explanation of this term)? Please consult with your agency's privacy program when making this determination.     No

Does this ICR include a form that requires a Privacy Act Statement (see 5 U.S.C. §552a(e)(3))? Please consult with your agency's privacy program when making this determination.     No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? No

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

Is this ICR related to the Pandemic Response? No

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Common Form ICR:  No

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On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).

The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:

(a) It is necessary for the proper performance of agency functions;

(b) It avoids unnecessary duplication;

(c) It reduces burden on small entities;

(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;

(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;

(f) It indicates the retention periods for recordkeeping requirements;

(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:

(i) Why the information is being collected;

(ii) Use of information;

(iii) Burden estimate;

(iv) Nature of response (voluntary, required for a benefit, or mandatory);

(v) Nature and extent of confidentiality; and

(vi) Need to display currently valid OMB control number;

(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.

(i) It uses effective and efficient statistical survey methodology (if applicable); and

(j) It makes appropriate use of information technology.

If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.

Certification Date: 11/30/2023

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